The market in which FRIENDCLUB.COM is operating can be characterized and summarized as follows in just one word. Humongous! In a market valued at more than $5 trillion globally, the business opportunities are vast and the stakes are high. These opportunities are definitely not to be missed not just for profit-making on the platform but also to help and benefit the entire community globally, such as to alleviate poverty and for the betterment of a better life for all in the community.
💚 Value: Over $5 trillion annually [Including Non Food Products]
💚 Population: 2.18 billion in 2017 and 2.25 billion in 20192
💚 The global halal products market can be segmented as follows:-
❖ Global Halal Market, by Product & Service Type
❣ Primary Meat
❣ Processed Food and Beverages
❣ Beauty & Cosmetics
❣ Personal Care
❣ Other Halal Products
❣ Universal Products
❣ Travel & Tourism
❖ Global Halal Market, by Geography
💗 Rest of North America
💗 Rest of Europe
💓 Rest of Asia Pacific
Middle East and Africa
💝 Rest of Middle East and Africa
❤ Rest of North America
Other Key Statistics: The market value of the halal industry will rise to US$10.51 trillion by 2024, exhibiting a CAGR of 16.2% from 2016 to 2024.
💙 Studies estimate that by 2030, nearly 26% of the world’s population will be accounted by Muslims, which is a vast rise from the 19.9% in 1990. Moreover, the rising disposable income of Islamic countries, chiefly owing to the rapid growth of the Islamic economies in Middle East and South East Asia, is also expected to contribute to the market growth in the next few years. In addition to this, the consumption of halal products by other communities is also on the rise, which is expected to further fuel the global demand for halal products.
💛 The market is also embarking upon a promising growth path owing to rising urbanization and the resultant improvement seen in the online retail sector in the past few years across many key markets. Earlier, the halal food market was highly unorganized. The present-day halal products market, on the other hand, features a highly organized retail structure with the presence of a large number of retail outlets selling a vast variety of halal products. FRIENDCLUB.COM will bring it to the next level with its online marketplace. Moreover, the high degree of globalization of the halal market and multilateral trade agreements have boosted the trade flow of halal products.
Relevant Market Size1
The FRIENDCLUB.COM’s relevant market size is the annual revenue that the Company could attain if it owned 100% market share. Based on very conservative estimates, the relevant market size may be calculated as follows:
1. Number of customers who might be interested in purchasing products and/or services each year through FRIENDCLUB.COM.
Answer: 436 million or 20% of 2.18 billion population.
2. Amount these customers might be willing to spend, on an annual basis, on FRIENDCLUB.COM products and/or services?
Answer: $ 720.00 [Based on an average daily spending of $2.00].
3. The conservative relevant market size (#1 X #2): $313,920,000,000 or approximately $300 billion. As the analysis shows, the relevant market is large enough for the Company to enjoy considerable success. Note that the above calculations exclude non-Muslim customers.
With such massive global potential and sustainable growth projected in the halal food industry, the proposal to set up an integrated halal food and solutions hub will be able to help propel the halal industry onto a higher level on the regional and international arena.
1Numbers are subject to change based on external factors, like market conditions, etc.
2Reference: Muslim Population in the world.